Purpose

1. The covenants imposed on the new owner are
in substitution for the covenants imposed on the original
purchasers of the affected property who are released from those
covenants by virtue of their sale of the property to the new
owners.
2. The new Deed of Covenant binds the new owners of the property to
perform the obligations contained in those covenants as far as they
remain capable of being performed.
3. Provisional agreement, subject to formal approval, has been
reached with the new owners for a new Deed of Covenant to be
entered into.